China measures, Italian banks lift European shares to record close
- European shares hit a record high on Monday, with automobile stocks leading gains amid fresh attempts by China to limit the economic impact of the coronavirus outbreak.
Automobile stocks .SXAP, which are highly sensitive to Chinese demand and industrial output, surged 2%, led by French car parts group Faurecia after reporting a rise in annual profits and sales. China cut interest rates and flagged possible tax cuts as it struggles to limit the economic impact from the coronavirus outbreak, which has killed more than 1,700 people in the country.
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